A reverse mortgage is the opposite of a traditional mortgage. With a traditional mortgage, you borrow money and make monthly principal and interest mortgage payments. With a reverse mortgage, however, you receive loan proceeds based on the value of your home, the age of the youngest borrower, and the interest rate of your loan. You do not make monthly principal and interest mortgage payments for as long as you live in, maintain your home in good condition, and pay property taxes and insurance. The loan must be repaid when you pass away, sell your home, or no longer live in the home as your primary residence.
We can serve Knoxville, TN, Nashville, TN, Murfreesboro, TN, Chattanooga, TN, Johnson City, TN, Sevierville, TN, Pigeon Forge, TN, Maryville, TN, and any city or town in the state of Tennessee. We can secure loans in 49 of 50 states. Allow us the opportunity to serve your Knoxville Reverse Mortgage needs.
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All loans are subject to credit approval including credit worthiness, insurability, and ability to provide acceptable collateral. Not all loans or products are available in all states or counties. A reverse mortgage is a loan that must be repaid when the home is no longer the primary residence, is sold, or if the property taxes or insurance are not paid. This loan is not a government benefit. Borrower(s) must be 62 or older. The home must be maintained to meet FHA Standards, and you must continue to pay property taxes, insurance and property related fees or you will lose your home.